sec.26Refund if transitioned licence is surrendered

sec.26 Refund if transitioned licence is surrendered

This section applies if, under the Property Occupations Act 2014 , section 239, a person who is taken to be the holder of a transitioned licence that is a debt collector licence surrenders the licence. However, this section does not apply if— the person continues to hold, at the time of the surrender, another licence under the Act or an Agents Act; and the person received a fee concession under the repealed Property Agents and Motor Dealers Regulation 2001 , section 4 in relation to the transitioned licence and any existing licence; and the concession resulted in no licence issue fee being payable for the transitioned licence or any other of the existing licences. The chief executive must refund to the person the amount worked out using the formula— where— LF means— if the surrendered licence was renewed—the licence renewal fee paid by the person when the surrendered licence was last renewed; or if the surrendered licence was restored—the licence renewal fee paid by the person when the surrendered licence was last restored; or otherwise—the licence issue fee paid by the person for the surrendered licence. LM means the number of months (including any part of a month) for which the surrendered licence was issued, renewed or restored. WM means the number of whole months, as defined in section 22(3), before the expiry date for the surrendered licence. In this section— existing licence see the Property Occupations Act 2014 , schedule 3. transitioned licence see the Property Occupations Act 2014 , schedule 3. (sec.26-ssec.1) This section applies if, under the Property Occupations Act 2014 , section 239, a person who is taken to be the holder of a transitioned licence that is a debt collector licence surrenders the licence. (sec.26-ssec.2) However, this section does not apply if— the person continues to hold, at the time of the surrender, another licence under the Act or an Agents Act; and the person received a fee concession under the repealed Property Agents and Motor Dealers Regulation 2001 , section 4 in relation to the transitioned licence and any existing licence; and the concession resulted in no licence issue fee being payable for the transitioned licence or any other of the existing licences. (sec.26-ssec.3) The chief executive must refund to the person the amount worked out using the formula— where— LF means— if the surrendered licence was renewed—the licence renewal fee paid by the person when the surrendered licence was last renewed; or if the surrendered licence was restored—the licence renewal fee paid by the person when the surrendered licence was last restored; or otherwise—the licence issue fee paid by the person for the surrendered licence. LM means the number of months (including any part of a month) for which the surrendered licence was issued, renewed or restored. WM means the number of whole months, as defined in section 22(3), before the expiry date for the surrendered licence. (sec.26-ssec.4) In this section— existing licence see the Property Occupations Act 2014 , schedule 3. transitioned licence see the Property Occupations Act 2014 , schedule 3.